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Tesco CEO Clarke to quit

Monday, July 21 08:42:43

Britain's biggest retailer Tesco said on Monday its chief executive Philip Clarke would quit, to be replaced by Unilever executive Dave Lewis, after it issued a profit warning.

Tesco said Clarke would continue as CEO until October 1 when he would step down from the board but will continue to be available to support the transition until the end of January 2015.

Tesco said current trading conditions were more challenging than it anticipated at the time of its first quarter interim management statement on June 4, and that sales and trading profit in the first half of the year were below expectations.